The ratings on the National Bank of Greece S.A. (NBG) primarily reflect Standard&Poor's Ratings Services' view of the risk posed by its direct and indirect exposure to the deteriorated creditworthiness of Greece (Hellenic Republic; CC/Negative/C), rising funding imbalances, a higher credit risk profile than that of its Western European peers, and weakening profitability and asset quality, in the context of a sharp and prolonged economic downturn. Supporting factors include our view of NBG's dominant position in Greece's financial system as well as the benefits derived from being a bank in a regulated and supervised environment, with access to extraordinary liquidity, such as that provided through the Greek government's support package and the European Central Bank (ECB). In our
